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Local housing market from ‘white hot’ to ‘red hot’

Published: Aug. 20, 2021 at 9:22 PM PDT
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RENO, Nev. (KOLO) - Real estate agents in northern Nevada say the housing market is going from “white hot” to “red hot”.

The change in tone is the result of a new trend local real estate agents are witnessing for the first time in 2021.

Home sellers are not getting as much money in August as they did in July for their listings. They accepted 102.2 percent over asking for the week ending on August 14 and 103.2 percent for the week ending on July 10, according to Domus Analytics, courtesy the Reno/Sparks Association of Realtors.

KOLO 8 News Now’s Noah Bond joined Keller Williams real estate agent Ginger Marphis Tuesday, August 10 as she listed a property at 184 Smithridge Park in Reno to reveal the response the home generated from buyers.

The condo is 1,220 square feet with two bedrooms and two bathrooms.

The asking price is $250,000.

She listed the home at 8:00 a.m.

Bond waited for one hour to see what kind of response the listing was able to generate.

“It’s 9:00 a.m. right now. How’s it looking?” Bond.

Marphis responded, “It looks like we have seven agent hit counts and seven clients hit counts so there’s seven buyers looking at this particular listing.

”The first verbal offer came in 30 minutes later at 9:30 a.m.

In total, five offers were made in less than a week.

The seller accepted $10,000 over asking price for a cash offer of $260,000.

The sale could close or be finalized as soon as Thursday, August 26.

”Right now we have actually a half of a month of inventory,” Marphis said.

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